Louisiana insurance regulators served a West Monroe, La., agent with a cease and desist order and $5,000 fine notice for alleged misappropriation, misrepresentation and forgery.
The Louisiana Department of Insurance alleges that Michael Chad Olinde, 37, forged signatures on applications for insurance while working as a commissioned agent between January 2006 and April 2008. Through these fraudulent practices, Olinde is also alleged to have submitted applications with invalid bank accounts wherein he secured approximately $4,428 in advance commission payments.
Department records show that Olinde held a Life, Health and Accident license from March 2000 through April 2008.
Olinde has 30 days from the time of notice to file a written demand for an administrative hearing to contest the regulatory action taken against him by the Department of Insurance.
Source: Louisiana Department of Insurance
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